SunSirs: China Domestic Ship Fuel Market is mainly Consolidated

https://www.chemnet.com   Jul 31,2024 SunSirs

According to the Commodity Analysis System of SunSirs, the recent trend of domestic fuel oil 180CST has been mainly consolidated. As of July 29th, the average price of domestic fuel oil 180CST was 5,530.00 RMB/ton (including tax), an increase of 0.22% compared to the price of 5,518.00 RMB/ton on July 22nd.

According to Business News Agency, as of July 29th, the self pickup low sulfur quotation for 180cst fuel oil and 120cst fuel oil in the Dalian area of China National Chemical Corporation is 5,750 RMB/ton and 5,850 RMB/ton, respectively; The self extracted low sulfur quotation for 180cst fuel oil in the Shanghai area is 5,450 RMB/ton, and the self extracted low sulfur quotation for 120cst fuel oil is 5,550 RMB/ton.

The crude oil market continues to decline. On the one hand, the geopolitical situation has eased, which is bearish for the crude oil market. In addition, the strengthening of the US dollar has affected economic activity in the United States due to hurricanes, putting pressure on crude oil demand and causing signs of a slowdown in US crude oil exports. On the other hand, there are also signs of slowing economic growth in the Eurozone and China, especially the decline in China's crude oil imports, which has had a negative impact on the crude oil market.

In terms of international fuel oil, it is reported that the Singapore Enterprise Development Board (ESG) stated that as of the week ending July 24th, Singapore's fuel oil inventories decreased by 277,000 barrels to a two-week low of 19.855 million barrels, which is the lowest level in the past two weeks.

Market forecast: The international crude oil market is expected to decline, the domestic mixed raw material market is weak, and there is a strong wait-and-see sentiment in the ship fuel market; In the shipping market, due to the impact of typhoon weather, the demand for oil replenishment by ship owners is limited, and inquiries from ship owners are scarce. Urgent replenishment is mainly needed, and transactions are limited. At present, the market price of 180CST low sulfur fuel oil is around 5,400-5,700 RMB/ton, and the market price of 120CST low sulfur fuel oil is around 5,500-5,800 RMB/ton, subject to negotiation. It is expected that the fuel oil 180CST market will mainly consolidate in the near future.

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